The SEC announced that the US District Court for the District of Connecticut entered a final judgment by default against Florin S. Ilovici, formerly of Avon, Connecticut. The CFTC's action against Ilovici was originally filed in June 2011 and charged that, starting as early as 2008, Ilovici made material misrepresentations in raising over $1 million in investment funds from at least two elderly Connecticut women. The complaint alleged that, instead of investing these funds on their behalf as he promised, Ilovici transferred the investor funds to his personal bank and brokerage accounts where

Chairman Gensler's remarks provide overview on two key final rules, each of which are at the foundation of swaps market reform, and a related proposed exemption from clearing for cooperatives acting on behalf of their member end users. View statement in full here(links externally to CFTC website).

FINRA announced it will conduct its annual meeting of firms on Monday, August 13, 2012, at 2 p.m. Eastern Time in the FINRA Visitors Center, 1735 K Street, NW, in Washington, D.C. The purpose of the meeting is to elect individuals to fill one small firm seat, one mid-size firm seat and one large firm seat on the FINRA Board of Governors. FINRA urges firms to vote using one of the methods described in this notice. In order for a mailed proxy to be considered valid, the executive representative of the firm eligible to vote in the election for that category of governorship must sign it. Firms

View notice in full here (links externally to SEC website).

Commissioner O'Malia's speech covered: Solutions for End-Users, Joint Final Rule and Interpretation of Product Definitions, Lingering Concerns: Municipal Utilities, and One-Pot Portfolio Margining View speech in full here(links externally to CFTC website).